Xpeng Clocks 5th Sequential Rise In EV Deliveries: What You Need To Know

Chinese smart electric vehicle (EV) company XPeng Inc. (NYSE:XPEV) has announced a significant increase in vehicle deliveries for June and the second quarter of 2023.

What Happened: XPeng delivered 8,620 Smart EVs in June, marking a 15% increase over the previous month, XPeng said in a statement on Saturday. The June deliveries included a 17% month-over-month increase in the deliveries of the P7 series. The company noted it has achieved positive delivery growth for five consecutive months.

For the second quarter of 2023, XPeng’s total Smart EV deliveries reached 23,205 units, representing a quarter-over-quarter increase of 27%. As of June 30, XPeng has delivered over 300,000 Smart EVs.

See Also: How to Buy XPeng Motors (XPEV) Stock

Why It Matters: The results for June show a significant improvement compared to the previous month. In May, XPeng delivered 7,506 EVs, a 6% increase over April, according to a Benzinga report. However, this figure represented a 25.9% decrease compared to May 2022.

For June as well, while Xpeng has registered a sequential growth, the numbers are significantly lower year-over-year from the 15,295 deliveries reported in June 2022.

The company’s pricing strategy has also been a significant factor in its success. XPeng’s aggressive pricing for its P5 sedan has rattled its competitors, including Tesla Inc. (NASDAQ:TSLA).

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